Drill Problem 14-7 (Algo) [LU 14-2 (1)] Calculate the average daily balance and finance charge on the statement below. Note: Round your answers to the nearest cent. 9/16 9/19 Billing date Payment 9/30 10/3 Charge: Home Depot Payment 10/7 Cash advance Finance charge is 1% on average daily balance. 30-day billing cycle Previous balance Answer is complete but not entirely correct. Average daily balance Finance charge $ 2,662.07 $ 26.62 $ 59 Credit 1,450 59 Credit 69 $ 1,900

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Drill Problem 14-7 (Algo) [LU 14-2 (1)]
Calculate the average daily balance and finance charge on the statement below.
Note: Round your answers to the nearest cent.
9/16
9/19
Billing date
Payment
9/30
10/3
Charge: Home Depot
Payment
10/7
Cash advance
Finance charge is 1% on average daily balance.
30-day billing cycle
Previous balance
Answer is complete but not entirely correct.
Average daily balance
Finance charge
$ 2,662.07
$
26.62
$ 59 Credit
1,450
59 Credit
69
$ 1,900
Transcribed Image Text:Drill Problem 14-7 (Algo) [LU 14-2 (1)] Calculate the average daily balance and finance charge on the statement below. Note: Round your answers to the nearest cent. 9/16 9/19 Billing date Payment 9/30 10/3 Charge: Home Depot Payment 10/7 Cash advance Finance charge is 1% on average daily balance. 30-day billing cycle Previous balance Answer is complete but not entirely correct. Average daily balance Finance charge $ 2,662.07 $ 26.62 $ 59 Credit 1,450 59 Credit 69 $ 1,900
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